WASHINGTON, April 15, 2013 – Economic growth in Sub-Saharan Africa is likely to reach more than 5 percent on average in 2013-2015 as a result of high commodity prices worldwide and strong consumer... Show More + spending on the continent, ensuring that the region remains amongst the fastest growing in the world -- according to the World Bank’s latest Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects. In 2012, about a quarter of African countries grew at 7 percent or higher and a number of African countries, notably Sierra Leone, Niger, Cote d’Ivoire, Liberia, Ethiopia, Burkina Faso and Rwanda, are among the fastest growing in the world. The new World Bank report forecasts that medium-term growth prospects remain strong and will be supported by a gradually improving world economy, consistently high commodity prices, and more investment in regional infrastructure, trade, and business growth. Welcoming the new assessment that Africa continues to grow faster t Show Less -

Washington, April 16, 2012 — World Bank Group President Robert B. Zoellick today congratulated Dr. Jim Yong Kim for being chosen to become the 12th president of the development institution and offered... Show More + his support in ensuring a successful handover for July 1. “I am pleased to work with Jim Yong Kim during the transition. He is an impressive and accomplished individual. Jim has seen poverty and vulnerability first-hand, through his impressive work in developing countries. His innovations in health-care have helped to save numerous lives. As President at Dartmouth College, Jim has had to take tough managerial and financial decisions while running a large, multidisciplinary organization. His rigorous, science-based drive for results will be invaluable for the World Bank Group as it modernizes to better serve client countries in overcoming poverty.” Show Less -

WASHINGTON, April 16, 2012 - Dr. Jim Yong Kim today released a statement in response to his selection by the World Bank's Executive Directors as 12th President of the World Bank: “I am honored to... Show More + accept the Executive Directors’ decision to select me as the next President of the World Bank Group. I am delighted to succeed Robert Zoellick, who has served with excellence and distinction during the last five years, and I am grateful to the Bank’s member countries for the broad support I have received. I have spoken with Minister Okonjo-Iweala and Professor Ocampo. They have both made important contributions to economic development, and I look forward to drawing on their expertise in the years to come. It is befitting that I conclude my global listening tour in Peru. It was here in the shantytowns of Lima that I learned how injustice and indignity may conspire to destroy the lives and hopes of the poor. It was here that I saw how communities struggle to prosper bec Show Less -

WASHINGTON, April 16, 2012 - The Executive Directors met today to select a new President of the World Bank Group. The Board expressed its deep gratitude for Mr. Robert B. Zoellick’s outstanding leadership... Show More + and his dedication to reducing poverty in its member countries, the core mandate of the World Bank Group. The Executive Directors followed the new selection process agreed in 2011 which, for the first time in the Bank’s history, yielded multiple nominees. This process included an open nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor, publication of the names of the candidates, interviews of the candidates by the Executive Directors, and final selection of the President. The Executive Directors selected Dr. Jim Yong Kim as President for a five-year term beginning on July 1, 2012. The President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the Internation Show Less -

KIGALI, November 17, 2011 – Rwanda has demonstrated economic resilience, against a backdrop of global and regional economic turbulence, volatile and rising food and fuel prices, a drought in neighboring... Show More + countries and the looming crisis in the Euro zone, according to today’s RwandaEconomic Update, published by the World Bank. “This resilience is a result of sound macroeconomic management in times when regional and global shocks are having adverse consequences for many neighboring countries” said Johannes Zutt, World Bank Country Director for Rwanda.The report, entitled Resilience in the Face of Economic Adversity: Policies for Growth with a Focus on Household Enterprises, predicts Rwanda’s 2011 growth at over 8 percent, a growth rate that is stronger than forecast for Sub-Saharan Africa as a whole. The report also notes that: Rwanda’s economic growth in the first half of 2011 was led by strong performance in the industrial and service sectors; inflation has so far been contained below 1 Show Less -

Launched at the height of the global financial crisis, the Joint IFI Action Plan and the European Banking Coordination ‘Vienna’ Initiative (EBCI) provided a significant financial contribution to rescue... Show More + packages in the Emerging Europe region, and a critical coordination mechanism for national reform programs and venue for policy dialogue among key stakeholders in the region. The unprecedented level of cooperation was a key contribution to restoring market confidence in Emerging European banking systems. It illustrated the important counter-cyclical role played by the International Financial Institutions (IFIs) during the financial crisis.Joint IFI Action PlanThe Joint IFI Action Plan, announced in February 2009 at the height of the global financial crisis, was sponsored by the World Bank Group – the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA); the European Bank Show Less -

WASHINGTON, September 21, 2011 – A new World Bank report, Middle East and North Africa Economic Developments and Prospects: Investing for Growth and Jobs highlights the important links between good governance... Show More + on a level legal and regulatory playing field, and the ability of investment to stimulate growth. “Indeed, if we look at examples from other countries undergoing transition, investment surged in many economies that made early moves to improve governance,” says Caroline Freund, Chief Economist for the Middle East and North Africa region at the World Bank. “Overall, while improving government institutions is necessary for voice and accountability, it is also necessary for growth and efficient use of resources.”To revive investment above and beyond pre-Arab-Spring levels, a move to transparency and accountability is urgent, she argues. The report notes that investment in the Middle East and North Africa (MENA) region has been strong over the last two decades in comparison w Show Less -

Latest findings from joint World Bank, AfDB researchWASHINGTON, DC, March 30, 2011 – With about 30 million Africans living outside their home countries, migration is a vital lifeline for the continent.... Show More + Yet African governments need to do more to realize the full economic benefits of the phenomenon, says a new report by the African Development Bank and the World Bank.The report, Leveraging Migration for Africa: Remittances, Skills, and Investments, presents data from new surveys. The report finds evidence that suggest migration and remittances reduce poverty in the origin communities. Remittances lead to increased investments in health, education, and housing in Africa. Diasporas also provide capital, trade, knowledge, and technology transfers.“Migration pressures will only rise in the future as a result of demographic changes of rising population in Africa and falling labor forces in Europe and many developed countries,” said Hans Timmer, director of development prospects at the World B Show Less -

New project supports modernization of vocational trainingWASHINGTON, March 29, 2011 – The World Bank’s Board of Directors has approved the new US$30 million Rwanda Skills Development Project, which will... Show More + support the country-led effort to build a more skilled workforce that can meet the needs of Rwanda’s steadily expanding economy. Manufacturing and services have already become very significant in Rwanda, with services expected to have generated about 60 percent of national GDP in 2010, up from 37 percent in 2001. The demand for skilled workers is expected to rise as the economy becomes more oriented towards exports and services. “We are delighted to support Rwanda’s effort to invest in people—especially youth—by helping them acquire skills that will find use in a modern economy,” said Omowunmi Ladipo, World Bank Country Manager for Rwanda. “This is essential for sustained economic growth and competitiveness, particularly as Rwanda strives to realize its vision of becoming a mi Show Less -